Billionaire Rams owner and prolific real estate developer, Stan Kroenke, recently made another massive purchase in LA: The Village shopping center located at 21720 Victory Blvd.
Kroenke’s recent acquisition of the mall comes on the heels of what the LA Times calls a “property buying spree.”
Last year, Kroenke also obtained the largely inactive Woodland Hills Promenade mall and an unoccupied high-rise office building, both of which reside near The Village.
The $325-million purchase of The Village — which was built in 2015 and owned by Paris-based operator Unibail-Rodamco-Westfield until last week — now means Kroenke Organization controls about 100 acres in Warner Center.
Warner Center is a master-planned neighborhood and business district development in the Canoga Park and Woodland Hills neighborhoods.
So, what exactly does the business tycoon intend to do with all of this recently procured land?
“We will continue to operate The Village as an open-air lifestyle and retail destination,” Kroenke Organization said in a statement.
However, based on his history, it seems likely that Kroenke would instead build a second “sports-centric development like the one around SoFi Stadium in Inglewood.”
This development would possibly include stores, restaurants, hotels, and residences, along with a training facility for the NFL football team.
“It could become one of the largest new real estate developments in the region,” according to real estate observers via the LA Times.
